TAXES

Federal, State, County, and Local Governments take money from you to pay for various programs they operate. As they add more and more programs, the amount of money they take from you gets larger and larger.

Here we will talk about some of the taxes you will have to pay, how you will pay the money, and how to pay the minimum amount that is required.

  • Types of Taxes
    • Income Taxes
      Any money where you work to make it requires that you give part of it to the State and Federal Government.
    • Payroll Taxes
      These are sometimes called FICA taxes, they include Social Security Taxes, Medicare Taxes,
    • Property Taxes
      If you own a home, or other real estate, the State, County, and Local government will want you to give them a portion of what it is worth, every year.
    • Capital Gains Taxes
      With this tax you give a portion of the money you make on investments like the interest on your savings account, or the money you made when you sold a car for more than you paid for it.
    • Import/Export Taxes
      Sometimes called tariffs, these are added to the costs of goods and are used to motivate businesses to build goods in the United States (import taxes) or sell goods in the United States (export taxes).
    • Estate Taxes
      The Estate Tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own. It will include cash, real estate, insurance, trusts, annuities, business interests and other assets. You will give a portion of it to the Federal Government, and State Government when you die.
    • Gift Taxes
      If you give a gift to someone, they will give a portion of the value of that gift to the federal government. This is not only money but things as well. If you give someone a gift of services, they are required to give a portion of the dollar value of that gift to the federal government. Also If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift. There is a form to calculate the amounts called Form 709
    • Sales Taxes
      If you buy something, you are required to give a portion of the amount you paid to the State and sometimes county and local governments. This can make whatever you buy cost and additional $0.5 for every dollar you spend!
    • Fuel Taxes
      Like sales taxes, fuel taxes are bundled into the cost per gallon. They are hidden so you can’t easily tell how much it is. They call it an “excise” tax. In Wisconsin in 2025 $0.31 of every gallon of gas is “excise tax”.
  • Form W-2
  • Form W-9
  • Form 1099
  • Income Taxes
    • Form 1040
    • how to file
  • Sales Taxes
    • Avoiding county, city, state sales taxes